Shenzhen Inovance Correlations

300124 Stock

59.48 0.18 0.30%

The current 90-days correlation between Shenzhen Inovance Tech and Innovative Medical Management is 0.46 (i.e., Very weak diversification). The correlation of Shenzhen Inovance is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Shenzhen Inovance Correlation With Market

Significant diversification

The correlation between Shenzhen Inovance Tech and DJI is 0.04 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Inovance Tech and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Shenzhen Inovance could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Shenzhen Inovance when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Shenzhen Inovance - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Shenzhen Inovance Tech to buy it.

Moving together with Shenzhen Stock

0.72	002188	Bus Online	Pair Corr
0.64	000980	Zotye Automobile	Pair Corr
0.78	000555	Digital China Information	Pair Corr
0.86	688318	Shenzhen Fortune Trend	Pair Corr
0.69	688293	Shanghai OPM Biosciences	Pair Corr
0.74	603260	Hoshine Silicon Ind	Pair Corr
0.66	300391	Kangyue Technology	Pair Corr
0.73	002368	Taiji Computer Corp	Pair Corr
0.75	002035	Vatti Corp	Pair Corr
0.78	300981	Zhonghong Pulin Medical	Pair Corr
0.72	002138	Shenzhen Sunlord Ele	Pair Corr
0.74	300378	Digiwin Software	Pair Corr
0.72	002901	Double Medical Technology	Pair Corr
0.67	600006	Dongfeng Automobile	Pair Corr
0.67	605338	Zhongyin Babi Food	Pair Corr
0.91	300750	Contemporary Amperex	Pair Corr
0.91	300946	Hengerda New Materials	Pair Corr
0.82	301359	Dongnan Electronics	Pair Corr
0.81	600675	China Enterprise	Pair Corr
0.67	002293	Luolai Home Textile	Pair Corr
0.64	603078	Jiangyin Jianghua	Pair Corr
0.69	002801	Hangzhou Weiguang	Pair Corr
0.8	000009	China Baoan Group	Pair Corr
0.73	600763	Top Choice Medical	Pair Corr
0.73	002887	Tianjin LVYIN Landscape	Pair Corr
0.79	002360	Shanxi Tond Chemical	Pair Corr
0.65	601665	Qilu Bank	Pair Corr
0.73	601615	Ming Yang Smart	Pair Corr
0.83	603881	Shanghai AtHub	Pair Corr
0.7	688235	BeiGene	Pair Corr
0.72	002044	Meinian Onehealth	Pair Corr
0.76	600522	Jiangsu Zhongtian	Pair Corr

Related Correlations Analysis

	002173	300022	603979	600491	603677	508096	508068
002173		0.83	-0.42	0.82	0.85	0.72	0.5	002173
300022	0.83		-0.31	0.8	0.81	0.75	0.6	300022
603979	-0.42	-0.31		-0.31	-0.33	-0.59	-0.31	603979
600491	0.82	0.8	-0.31		0.94	0.54	0.23	600491
603677	0.85	0.81	-0.33	0.94		0.55	0.25	603677
508096	0.72	0.75	-0.59	0.54	0.55		0.84	508096
508068	0.5	0.6	-0.31	0.23	0.25	0.84		508068
	002173	300022	603979	600491	603677	508096	508068

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

603677	+ 0.94	600491
603677	+ 0.85	002173
508068	+ 0.84	508096
300022	+ 0.83	002173
600491	+ 0.82	002173
603677	+ 0.81	300022

High negative correlations

508096	- 0.59	603979
603979	- 0.42	002173
603677	- 0.33	603979
508068	- 0.31	603979
600491	- 0.31	603979
603979	- 0.31	300022

Risk-Adjusted Indicators

There is a big difference between Shenzhen Stock performing well and Shenzhen Inovance Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Shenzhen Inovance's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
002173	3.41	0.68	0.12	5.33	4.53	(3.41)	10.03	(8.87)	20.05
300022	2.74	0.53	0.13	0.74	3.47	(3.39)	6.56	(4.51)	25.21
603979	2.28	0.11	0.02	1.74	3.09	(2.14)	6.06	(4.93)	18.40
600491	2.85	0.69	0.19	(5.35)	3.09	(3.28)	8.09	(5.24)	19.24
603677	2.45	0.38	0.10	(0.78)	2.94	(2.62)	5.69	(5.29)	15.20
508096	0.28	0.08	0.14	2.74	0.00	(0.41)	0.90	(0.41)	1.83
508068	0.71	0.19	0.18	(45.60)	0.49	(1.04)	2.03	(1.24)	6.10

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shenzhen Inovance without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Shenzhen Inovance Corporate Management

Elected by the shareholders, the Shenzhen Inovance's board of directors comprises two types of representatives: Shenzhen Inovance inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Shenzhen. The board's role is to monitor Shenzhen Inovance's management team and ensure that shareholders' interests are well served. Shenzhen Inovance's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Shenzhen Inovance's outside directors are responsible for providing unbiased perspectives on the board's policies.

Yingxin CPA	Chief Officer	Profile
Juntian Li	VP Director	Profile
Bin Zhou	VP Director	Profile
Yingxin Liu	Chief Officer	Profile
Xiao Wang	Accounting Supervisor	Profile

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